Cashier · Panama City, FL · Member since 2015 · 14 posts · 6 votes
I'm beginning to sink back into depression that I live with off and on, and ever since I left school it's been more frequent. I've called in sick 4 times over my 6 month probation period which isn't good. I think it would be better for me to go to college even if I have to go into debt to give me more structure in my life, have friends again and study something I'd enjoy. Since I began learning about investing, accumulating debt doesn't sound so scary because you're working with big numbers all the time, both in profit and in loans.
But my questions is, if I went into debt, would that hurt my chances of getting a hard money loan? I do plan to save while I'm in college, but I don't want to kill my credit score.
Miami, FL · Member since 2015 · 161 posts · 26 votes
10y
Only thing I look for in my loans is no open bankruptcy and no foreclosures. Credit doesn't matter. If you have a 300 that's a diffrent story. Income and debt is irrelavent as well. It's an asset based loan so as long as you have down payment your all good.
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
A hard money loan is a short term loan used for a fix and flips and is an asset based loan.This means they lend on the ltv of the property you are acquiring usually 50-65%.Many lenders are not lending on your credit score but on the equity you bring to the property. If you found a $100k property and had $35-50 thousand to put down and had the money to do the rehab plus some reserves for the payments you would most likely find a lender to give you a loan. The big red flag for you is do you have the money experience and time to complete a project?.You risk losing your down payment,rehab money and the property if not successful
Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
10y
@Account Closed I wish I knew about BP when I was your age! Just reading posts will give you a huge boost in your real estate investing career. If I was 18 and had the choice you have right now, I probably would have still gone through college, but would've thought differently about my chosen degree, and maybe house-hacked a house/condo or two.
Miami, FL · Member since 2015 · 161 posts · 26 votes
10y
Only thing I look for in my loans is no open bankruptcy and no foreclosures. Credit doesn't matter. If you have a 300 that's a diffrent story. Income and debt is irrelavent as well. It's an asset based loan so as long as you have down payment your all good.